Syntel (Nasdaq:SYNT), a global information technology services and Knowledge Process Outsourcing (KPO) firm, today announced that it has signed a Strategic Outsourcing Framework Agreement with the UK's financial services statutory regulator, the Financial Services Authority (FSA).
The FSA regulates 29,000 firms in the UK, ranging from global investment banks to very small businesses, and around 165,000 individuals.
Syntel is one of an elite group of technology partners that has been awarded eligibility to provide services in several areas. Syntel was selected as an approved provider for projects in four key operational areas: application development, application maintenance, testing and business process outsourcing (BPO).
This new Framework Agreement expands the FSA's vendor base with business partners that will enable the organization to meet its regulatory and operational goals, reduce business risk, be more responsive to dynamic market conditions, and minimize operating costs.
According to Syntel CEO and President, Prashant Ranade, the FSA can leverage Syntel's proven strength in the financial services industry to improve efficiency and drive more effective enforcement and transparency through technology innovation and integration of technology into business processes.
"Financial services is an area of deep expertise and strength for Syntel," said Ranade. "We provide a comprehensive suite of solutions and services for the financial services industry, including business analytics, anti-fraud, regulatory compliance and risk analysis solutions. Our domain-specific models for application development, maintenance and testing deliver significant value as well."